Singapore Stock Market News
Yangzijiang Shipbuilding - Bottom-fishing
StockFanatic
Publish date: Thu, 31 May 2012, 09:22 AM
StockFanatic
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YZJ is cheap at 1.2x P/BV, its trough during GFC. After a strong 1Q12,
we believe FY12 is likely to beat consensus expectations on margin
strength. Securing jack-up rig orders could be its game changer.''
We adjust FY12-14 EPS by -5% to
+7% on changes to shipbuilding
margins. Maintain Outperform, albeit
with a lower 7x CY13 P/E target, 20%
below its 5-year mean (from 8x or
10% below its 5-year mean) to reflect
increased risk aversion. Implied P/BV
is 1.5x, 20% below its 4-year -1SD of
1.9x ' still cheap.
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